Latest Stock Market News

While the banking sector saw moderate Q1 earnings with most banks contracting margins and higher credit costs, brokerages remain optimistic. HDFC Bank, ICICI Bank, and SBI are top recommended stocks, despite a lagging performance. Axis Bank, Bank of Baroda, and Indian Bank show greater potential upside.

On the technical charts, the RSI of the stock stood at 54.85.

The stock traded at a P/E multiple of 36.27, while the price-to-book value ratio stood at 3.89.

A total of 5,270 shares changed hands on the counter till 01:03PM (IST).

A long buildup happens when open interest and trading volumes rise with the stock price in the Futures and Options segment, indicating a bullish trend. On Friday, 5 stocks saw new long positions.

James Knightley of ING suggests the Federal Reserve might reveal more about its interest rate strategy at the Jackson Hole Symposium. Despite expectations for a September rate cut, concerns over data quality persist, raising questions about economic growth. Markets anticipate a possible rate cut based on recent economic data revisions and global economic uncertainties.

Promoters held 43.92 per cent stake in the company as of 30-Jun-2024, while FII and DII ownership stood at 13.67 per cent and 1.11 per cent, respectively.

TVS Motor Company shares reached a record high of Rs 2,818 after unveiling the upgraded Jupiter 110. Brokerage UBS raised the target price to Rs 3,200, anticipating heightened sales volumes.

Reliance Power shares surged 5% to a 52-week high of Rs 38.07 amid reports of Adani Power negotiating to acquire its 600 MW Butibori Thermal Plant for Rs 2,400-3,000 crore.

The stock quoted a 52-week high price of Rs 813.0 and a 52-week low of Rs 554.0.